Have you been pondering new ways to expand your business? Maybe growth in your home market has slowed down recently or you’ve heard from customers and investors who want to see your logo on their side of an international border.

Whatever your reasoning, you’re thinking about going abroad. Before you make the move, be sure you consider these five things.

1. Think about the Market (and Do Some Research)

Before you even plan to expand across an international border, you should be learning about the market itself. You may think Canada is a good target market, but is it actually?

It’s time to do some market research. A single person emailing you about availability in their country isn’t a good sample. Investigate reports or collect demographic data to support your expansion idea.

Also check out the competition. If the market is already saturated, you’ll need a good reason to throw your hat in the ring. What can you offer that other businesses don’t?

If the market is relatively untapped, you have to invest in thorough research. There could be a reason there isn’t much competition, such as lack of demand or strict regulations.

2. Look to the Legal

Next, you’ll want to be sure you’ve considered the legal repercussions of moving your business abroad.

First, how will you structure the company? You may find there are certain advantages and disadvantages to incorporating or operating as a branch office.

Then look into any regulations governing your particular industry. Food and beverage is an excellent example. Every jurisdiction has its own rules for the manufacture and marketing of food and drink. Those rules are designed to keep consumers safe, and they’re often quite strict as a result.

Finally, think about the broader business framework. Employment legislation can have an enormous impact on how you operate. Tax rules also play a big role in everything from business structure to how you administer payroll.

3. Consider the Financial

This brings you to the next step, which is to consider the financial side of a business expansion. Your budget plays a role, but you’ll also want to check out the banking system, regulations, and more.

You’ll likely look at taxation and employment legislation here again. There could be special considerations, such as how long it will take to set up a bank account. You might ask if you even need one.

Examine how you’ll pay your employees as well. There are advantages to paying in the local currency, but you could end up paying more on the exchange if you’re not careful.

Finances can also affect your ability to secure services or property. You may need to investigate outlays for business insurance, compliance, and worker’s compensation as well.

4. Think about Strategic Partnerships

Expanding into another country is exciting, but challenging. You can go it alone, but you’ll increase your chances of success if you team up with partners who know the lay of the land.

You should spend some time thinking about the services you need. Would it be beneficial to have assistance in managing compliance? Could you use a hand with payroll?

The right partner could aid you in streamlining your international operations. They can help you create better policies, avoid sticky regulations and penalties, and even keep your employees happy.

5. Adaptations

Whenever you enter a new jurisdiction, you’ll need to adapt. Scheduling 9 to 5 may work in your home market, but expectations could be different in another country. Your employees might want more flexibility.

You may also need them to work staggered or different hours, especially if they’re in another time zone. Otherwise, you could find it more difficult to connect. Management then becomes more complex.

Again, the right partner can ease the way. If you’re wondering what your next steps to business expansion are, get in touch with the experts.